Government Announces Funding for Female Entrepreneurs & Young Innovators
Government research shows that female entrepreneurs could contribute £250 billion to the UK economy if they started and scaled their businesses at the same rate as men. To help redress the balance, the UK’s first dedicated female Science Minister, Amanda Solloway, has committed almost £3 million and a package of business support to help inventions by women and young people.
A total of £2.2 million will go to the Young Innovators’ Awards. In partnership with The Prince’s Trust, the government-backed scheme will support young people with creative and innovative business ideas, helping to turn these into reality. The package will include a £5,000 grant, one-on-one coaching and an allowance to cover living costs. The three-year national programme aims to target 18-30 years olds from a variety of backgrounds.
A further £500,000 will be provided to pioneering female entrepreneurs to develop innovations such as those to tackle climate change, developing new treatments and services for healthcare patients and cleaner transport. Though the Women in Innovation Awards, ten female inventors will be awarded £50,000 each, as well as receive coaching and mentoring.
Amanda Solloway said:
‘We are committed to supporting women and young people and opening up new opportunities for them.
‘Initiatives like the Women in Innovation Awards and the Young Innovators’ Awards will help the next generation of inventors turn their unique concepts into businesses.’
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